That’s not what they did tho. They did this instead … and lower courts said no.
J&J is among four major companies that have filed so-called Texas two-step bankruptcies to avoid potentially massive lawsuit exposure. The tactic involves creating a subsidiary to absorb the liabilities and to immediately file for Chapter 11.
Look up MNK/Mallinkrodt aka SpecGX. Just filed for bankruptcy right after emerging from bankruptcy in order to shed the original agreement of future products in lieu of fines or some such shit. Opioid manufacturer double bankruptcy.
That’s not what they did tho. They did this instead … and lower courts said no.
source here
Look up MNK/Mallinkrodt aka SpecGX. Just filed for bankruptcy right after emerging from bankruptcy in order to shed the original agreement of future products in lieu of fines or some such shit. Opioid manufacturer double bankruptcy.